Baidu (NASDAQ:BIDU) Shares Down 2% – Here’s Why

Shares of Baidu, Inc. (NASDAQ:BIDU) dropped 2% during mid-day trading on Wednesday . The company traded as low as $90.00 and last traded at $90.18. 1,534,756 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 3,663,845 shares. The stock had previously closed at $91.98.

Wall Street Analyst Weigh In

BIDU has been the topic of a number of recent analyst reports. Sanford C. Bernstein lowered Baidu from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $130.00 to $97.00 in a research report on Friday, August 23rd. Citigroup decreased their price objective on shares of Baidu from $170.00 to $155.00 and set a “buy” rating for the company in a report on Monday, July 15th. Hsbc Global Res downgraded shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Loop Capital lowered their target price on Baidu from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, Jefferies Financial Group lowered their price objective on Baidu from $174.00 to $139.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $128.36.

Baidu Price Performance

The company has a market cap of $31.48 billion, a P/E ratio of 12.02 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.32 and a current ratio of 2.32. The firm’s fifty day moving average is $92.25 and its two-hundred day moving average is $94.61.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Diversify Advisory Services LLC bought a new position in shares of Baidu during the third quarter valued at approximately $4,533,000. Strategic Wealth Investment Group LLC increased its stake in Baidu by 114.0% in the third quarter. Strategic Wealth Investment Group LLC now owns 8,647 shares of the information services provider’s stock worth $954,000 after purchasing an additional 4,606 shares during the period. Kercheville Advisors LLC purchased a new stake in shares of Baidu during the third quarter valued at $211,000. Clear Harbor Asset Management LLC grew its holdings in shares of Baidu by 82.9% in the third quarter. Clear Harbor Asset Management LLC now owns 20,503 shares of the information services provider’s stock worth $2,159,000 after purchasing an additional 9,292 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Baidu by 12,065.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,070,694 shares of the information services provider’s stock worth $1,127,330,000 after buying an additional 1,061,893 shares during the period.

Baidu Company Profile

Baidu, Inc engages in the provision of internet search services in China. It operates through two segments: Baidu Core and iQIYI. The company offers Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Baidu Health that helps users to find the doctor and hospital for healthcare needs; and Haokan, a short video app.